Company liquidators must deposit receipts in scheduled bank accounts and face penalties for unauthorised retention. Company liquidators must deposit monies received in their capacity into a special bank account at a scheduled bank, unless the Tribunal permits another bank. If a liquidator retains for more than ten days any sum exceeding five thousand rupees (or a Tribunal-authorised amount), absent a satisfactory explanation he must pay interest at twelve percent per annum on the excess, any Tribunal-determined penalty, expenses caused by the default, and may suffer disallowance of remuneration or removal from office.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Company liquidators must deposit receipts in scheduled bank accounts and face penalties for unauthorised retention.
Company liquidators must deposit monies received in their capacity into a special bank account at a scheduled bank, unless the Tribunal permits another bank. If a liquidator retains for more than ten days any sum exceeding five thousand rupees (or a Tribunal-authorised amount), absent a satisfactory explanation he must pay interest at twelve percent per annum on the excess, any Tribunal-determined penalty, expenses caused by the default, and may suffer disallowance of remuneration or removal from office.
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